FTX founder Sam Bankman-Fried charged with fraud — Transcript

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1. 0:00now to the latest on the stunning
2. 0:01downfall of one of the biggest names in
3. 0:03cryptocurrency FTX founder Sam bankman
4. 0:06free is in a Bahamas jail cell this
5. 0:08morning on charges he misused billions
6. 0:11of dollars from customers for his own
7. 0:12personal gain it's a case that's raising
8. 0:15all kinds of questions about crypto on
9. 0:17Capitol Hill Scott McFarland reports
10. 0:19that bankman freed was also a big
11. 0:21political donor
12. 0:23once at the top of the crypto World
13. 0:25running a company worth billions
14. 0:27thirty-year-old Sam bankman freed is now
15. 0:30in free fall this is one of the biggest
16. 0:32Financial frauds in American history
17. 0:34bankman freed who was arrested in the
18. 0:36Bahamas Monday and denied bail yesterday
19. 0:39is facing extradition to the United
20. 0:40States to face eight criminal charges
21. 0:43including fraud the justice department
22. 0:45accuses bankman freed of funneling money
23. 0:47from his cryptocurrency company FTX to
24. 0:51fund his other Investments triggering
25. 0:53the collapse of FTX one of the largest
26. 0:56cryptocurrency exchanges in the world
27. 0:58and costing his investors billions they
28. 1:01advertise themselves as really great
29. 1:03platform they've got a lot of
30. 1:04influencers supporting them Evan Luther
31. 1:06told CBS News he lost more than two
32. 1:09million dollars I understand the risks
33. 1:11when I put money in crypto what I am
34. 1:13pissed off is about this con man going
35. 1:15around and spending our funds in an
36. 1:17interview just days before his arrest
37. 1:19Bank been free denied having knowledge
38. 1:21of the misuse of customers money it hurt
39. 1:23a lot of people and
40. 1:26and like that that's on me one way or
41. 1:28another but
42. 1:30I didn't think this was gonna happen the
43. 1:32new CEO is trying to salvage FTX from
44. 1:34bankruptcy testified before Congress
45. 1:36saying the alleged scheme that toppled
46. 1:38the company was simple this is really
47. 1:41old-fashioned an embezzlement this is
48. 1:43just taking money from customers
49. 1:47and using it for your own purpose
50. 1:49Federal prosecutors also alleged bankmen
51. 1:52freed violated campaign Finance law
52. 1:54directing millions of dollars in
53. 1:56campaign contributions to both parties
54. 1:58some of it they say with stolen customer
55. 2:01money Gail
56. 2:04boy's got the more you hear the worse it
57. 2:06is thank you very much